CIS Payment and Deduction Statement
When you employ the services of Sub-contractors, you must provide Sub-contractors with a written statement to every sub-contractors you make a deduction from. You need to complete this statement every month.
Please find below a Payment Deduction Statement.
Archers Accountants recommend that keep a copy of a partially completed CIS Payment and Deduction Statement for each sub-contractor completing only the following details:
- Contractors name
- Contractors Address
- Employers Reference
- Subcontractors full name
- Subcontractors Unique Tax Reference (UTR)
- Subcontractors Verification number (only when deducting higher rate, it is unlikely you will be make a deduction at the higher rate)
Each month you only need to complete the date and the payment amounts, saving time and reducing errors.